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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Covetrus, Inc.    CVET

COVETRUS, INC.

(CVET)
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COVETRUS, INC. : Submission of Matters to a Vote of Security Holders, Regulation FD Disclosure (form 8-K)

11/18/2020 | 04:07pm EST

Item 5.07 Submission of Matters to a Vote of Security Holders.

(a) Covetrus, Inc. (the "Company") held a special meeting of shareholders on Tuesday, November 17, 2020 in a virtual only format (the "Special Meeting"). Set forth below are the final voting results on each matter submitted to a vote of shareholders at the Special Meeting. Each proposal is described in more detail in the Company's proxy statement for the 2020 Special Meeting (the "2020 Special Meeting Proxy Statement"), dated October 26, 2020.

(b) The final voting results of the Special Meeting were as follows:

Proposal 1: Approval of the Conversion of the Series A Convertible Preferred Stock into Shares of Common Stock Pursuant to NASDAQ Listing Rule 5635(b) to Provide for the Elimination of the Preferred Dividends

The shareholders approved the conversion of the Series A Convertible Preferred Stock into shares of Common Stock by a vote of 86,073,610 shares for and 77,510 shares against, with 23,840 shares abstaining.

Proposal 2: Approval of Any Adjournment of the Special Meeting, if Necessary or Appropriate, to Permit Solicitation of Additional Proxies in Favor of Proposal 1

The shareholders approved an adjournment of the Special Meeting by a vote of 79,760,608 shares for and 6,385,900 shares against, with 28,452 shares abstaining.

Item 7.01 Regulation FD Disclosure.

On November 18, 2020, the Company converted the remaining shares of 7.50% Series A Convertible Preferred stock, par value $0.01 per share (the "Preferred Stock"), issued to CD&R VFC Holdings, L.P. (the "Investor"), an affiliate of Clayton, Dubilier & Rice, LLC, on May 19, 2020. In connection with such conversion, the Company issued approximately 8.2 million shares of its common stock, par value $0.01 per share (the "Common Stock"), to the Investor.

The conversion of such shares of Preferred Stock will result in a reduction to the Company's dividend payments on the Preferred Stock by approximately $6.8 million on an annualized basis, which, when combined with the conversion of the shares of Preferred Stock on September 9, 2020, results in a reduction to the Company's dividend payments on the Preferred Stock by $18.75 million on an annualized basis.

The information in this Item 7.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 4 273 M - -
Net income 2020 -23,0 M - -
Net Debt 2020 674 M - -
P/E ratio 2020 -154x
Yield 2020 -
Capitalization 4 703 M 4 703 M -
EV / Sales 2020 1,26x
EV / Sales 2021 1,17x
Nbr of Employees 5 300
Free-Float 72,5%
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Technical analysis trends COVETRUS, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 30,00 $
Last Close Price 36,88 $
Spread / Highest target -5,10%
Spread / Average Target -18,7%
Spread / Lowest Target -34,9%
EPS Revisions
Managers and Directors
NameTitle
Benjamin C. Wolin President, Chief Executive Officer & Director
Philip A. Laskaway Chairman
Matthew J. Foulston Chief Financial Officer
Georgina Wraight President-Global Technology Solutions & EVP
Steve Palmucci Global Chief Information Officer
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